GM Intensifies Electrification Push Via $760M Investment In Ohio Plant - General Motors (NYSE:GM)

General Motors Co GM plans to invest $760 million in its Toledo, Ohio, propulsion manufacturing operations to build drive units for electric trucks.
Toledo Propulsion Systems will be GM's first U.S. powertrain or propulsion-related manufacturing facility transformed for EV-related production.
Once ready, the plant will produce EV drive units, which convert electric power from the battery pack to mechanical motion at the wheels.
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Toledo Propulsion Systems currently builds GM's six-speed, eight-speed, and 10-speed rear-wheel drive and nine-speed front-wheel-drive transmissions used in Chevrolet, Buick, GMC, and Cadillac products.
With the latest proposal, the auto giant has invested more than $1.9 billion in Toledo since 2011 and currently employs 1,500 people.
"This investment helps build job security for our Toledo team for years to come and is the next step on our journey to an all-electric future," said Gerald Johnson, GM EVP of Global Manufacturing and Sustainability.
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Price Action: GM shares are trading lower by 6.34% at $35.00 on the last check Friday.
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